Home The Cointelegraph Top 100 2023 Crypto in Ukraine

#8

Crypto in Ukraine

Because Ukraine needs your help

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“While Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech.” — Mykhailo Fedorov, Ukraine’s minister of digital transformation

Biography:

Ukraine was invaded by Russia in early 2022, resulting in numerous crypto-related developments and initiatives throughout the year. One fundraising effort to help the people of Ukraine is the Unchain Fund, which aims to rally the cryptocurrency and blockchain community. Angled around blockchain and fintech, the public can donate to the fund via digital assets or payment cards. Funds donated go toward supplies such as food, medical assistance, shelter, etc. The team behind the fund includes Matter Labs co-founder Alex Gluchowski, Near Protocol co-founder Illia Polosukhin and others. The fund has garnered over $9 million in donations as of early 2023, almost entirely in crypto assets.

Meanwhile, the Ukrainian government revamped its approach to crypto and became open to receiving such donations. Helping lead the overall technology movement in Ukraine is Mykhailo Fedorov. Born in 1991, Fedorov attended Zaporizhzhia National University in Ukraine, earning his degree from the school’s sociology and management department in 2014. After delving into business, he later made his way into Ukraine’s political world.

A technology-focused leader, Fedorov became Ukraine’s vice prime minister and minister of digital transformation in 2019. Only 28 years old at the time of his appointment, Fedorov has since made waves by working with the Ministry of Digital Transformation on an app called Diia, which aimed to give Ukrainian citizens easy access to public services. Fedorov’s familiarity with the cryptocurrency space can be seen in some of his tweets posted amid Ukraine’s ongoing battle against Russia. His interest in the crypto and blockchain world aligns with his interest in increasing technology usage in Ukraine.

Crypto in Ukraine’s 2022:

In addition to the work done by the Unchain Fund, the government of Ukraine also embraced crypto donations, with Fedorov sharing digital asset wallet addresses where people could donate to help improve the situation in Ukraine. In March, Ukraine’s official Twitter account announced that those who donated cryptocurrencies within a specific timeframe would receive a digital asset airdrop, and as a result, the country raised an additional $7 million. However, Federov revealed one day later that the airdrop had been canceled and that Ukraine would release NFTs instead. 

In late March, Ukraine’s Ministry of Digital Transformation opened a digital NFT museum that documented Russia’s invasion of Ukraine and the events that followed, with proceeds from NFTs sold funding Ukraine’s war effort. In August, Fedorov unveiled that the country’s Aid For Ukraine effort had raised $54 million in crypto donations, which was used to purchase military supplies. Touting the ability to receive digital asset donations, Aid For Ukraine was launched in March 2022. 

Crypto in Ukraine’s 2023:

Throughout 2022, Fedorov proved his interest in the crypto and blockchain industry. If the conflict between Russia and Ukraine persists, he may spearhead further initiatives within the space to raise funds. He may also incorporate aspects of the industry into his push for a more tech-based Ukraine. Near the end of 2022, Fedorov posted about a complimentary class on crypto for Ukrainians, which lines up with his digital literacy push in the country. He may understandably continue along these lines as 2023 progresses.

The Unchain Fund continues to gather donations in 2023 as its members organize and participate in events to raise awareness surrounding the conflict in Ukraine and the need to help its victims through crypto donations.